SINGAPORE—Mobile operator M1 announced on 25 October that its shareholders will not go ahead with the planned sale of their shares in the company. The shareholders said they have decided to maintain their interests in the company after taking into account the volatile market valuations and global economic conditions.
Britain’s Cable & Wireless and Pacific Century CyberWorks together hold 30 percent. Singapore Press Holdings subsidiary SPH Multimedia and Keppel Telecommunications and Transportation hold 35 percent each. Shareholders said they will work closely to maximize shareholder value.
M1’s owners were looking to sell the mobile unit for US$1.6 billion, while offers from Maxis and Regional Wireless were at US$1 billion and US$1.2 billion respectively. M1 Chief Executive Officer (CEO) Neil Montefiore said he expected revenues to increase some 20 percent and profits to expand by more than 30 percent from the figures achieved last year.
